The U.S. ISM rose to the same 21-month high of 53.2 seen in June
The U.S. ISM rose to the same 21-month high of 53.2 seen in June, versus 51.9 in October, 51.5 in September and a 7-month low of 49.4 in August, as the ISM fluctuates above December's 48.0 expansion-low but well below the 59.9 cycle-high in February of 2011. The employment index slipped to a still-firm 52.5 from a 16-month high of 52.9 in October, leaving upside risk for tomorrow's U.S. jobs report, as discussed in Monday's commentary. Analysts're seeing a producer sentiment rise as the bounce in oil prices allows a recovery in mining and factory output while the inventory headwind comes to a close. Sentiment and factory output still face headwinds from a sluggish world economy, a strong dollar, and lingering high oil inventories. The mix of ISM-adjusted averages for the major sentiment surveys is climbing to the 52 recent-high last seen in July and March, from 51 in October and 50 in August and September. Analysts saw a 49 expansion-low in January and February, and previously in October of 2012.